Trading – 22/12/2017: Biggest Stories in the Cryptosphere

The messaging app Telegram will soon launch its own blockchain platform, improved technology, and a cryptocurrency. It will be either called “The Open Network” or “Telegram Open Network” (TON). Former employee Anton Rozenberg published a video on his Facebook account announcing TON. He also said that this platform would enable citizens living in oppressive countries to transfer money, and this would let them have some control back. TON will be integrated with the main messaging app, and its currency will be called Gram. Finally, there will not be a multi-year bootstrap period as new platforms usually have.

2. Iced Tea to Trial Blockchain

Long Island Iced Tea Corp, which specialises in soft drinks, saw a 500% increase in shares following its announcement it would change its name to Long Blockchain Corp. However, it is not the first time a company has seen an increase in share price following a crypto related announcement. That may explain why the US Financial Industry Regulatory Authority has decided to warn investors who believe companies associated with cryptocurrencies will bring high returns. However, in this case, the company is not going to halt the sale of soft drinks, but only shift the main corporate focus to blockchain technology.

3. Bad Day for Cryptocurrencies

Despite a year full of wins for cryptocurrencies, the market has today lost $ 125 billion and seen its market cap shrink. The crash sell-off started last Friday, and it is still going as of now. Bitcoin crashed by more than 20%, while other altcoins averaged a 30% decrease. 98 cryptocurrencies out of the top 100 saw a decline in value. However, despite a decrease in value, the number of people trading Bitcoin is still significant. Older investors still managed to make a profit, while recent investors will be the ones most affected by this decline, as they did not buy early or cheap enough to profit from their investment.

4. Ripple: a Rising Star

Despite major cryptocurrencies such as Bitcoin and Ethereum misstepping, Ripple (XRP) rose to the point where it was briefly the third largest cryptocurrency. Its trading volume increased by 25% in the last 24 hours. Experts believe that when Bitcoin’s platform is too congested, people move to alternative cryptocurrencies. Ripple also took advantage of problems other popular altcoins had to deal with. Coinbase’s launch of Bitcoin Cash was followed by insider trading accusations and the founder of Litecoin, Charlie Lee, publicly stated he sold his entire stake in the cryptocurrency. Furthermore, Ripple is now available on more than 50 exchanges, with Asia accounting for a third of the trade volume generated. The fear of missing out again as with Bitcoin is pushing many investors to invest in altcoins, and Ripple managed to be one of the top choices.

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